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Applying the Concepts-Basic 6.45 Zillow.com estimates of home values. Zillow.com is a real estate Web site that provides free estimates of the market value of
Applying the Concepts-Basic 6.45 Zillow.com estimates of home values. Zillow.com is a real estate Web site that provides free estimates of the market value of homes. Refer to The Appraisal Journal (Winter 2010) study of the accuracy of Zillow's esti- mates, Exercise 1.15 (p. 25). Data were collected for a sample of 2,045 single-family residential properties in Arlington, Texas. The researchers determined that Zillow overestimated by more than 10% the market value of 818 of the 2,045 homes. Suppose you want to es- timate p, the true proportion of Arlington, Texas, homes with market values that are overestimated by more than 10% by Zillow. a. Find p, the point estimate of p. b. Describe the sampling distribution of p. c. Find a 95% confidence interval for p. d. Give a practical interpretation of the confidence interval, part c
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